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来源类型Working Paper
规范类型报告
DOI10.3386/w14059
来源IDWorking Paper 14059
Liquidation Values and the Credibility of Financial Contract Renegotiation: Evidence from U.S. Airlines
Efraim Benmelech; Nittai K. Bergman
发表日期2008-06-06
出版年2008
语种英语
摘要How do liquidation values affect financial contract renegotiation? While the 'incomplete contracting' theory of financial contracting predicts that liquidation values determine the allocation of bargaining power between creditors and debtors, there is little empirical evidence on financial contract renegotiations and the role asset values play in such bargaining. This paper attempts to fill this gap. We develop an incomplete-contracting model of financial contract renegotiation and estimate it using data on the airline industry in the United States. We find that airlines successfully renegotiate their lease obligations downwards when their financial position is sufficiently poor and when the liquidation value of their fleet is low. Our results show that strategic renegotiation is common in the airline industry. Moreover, the results emphasize the importance of the incomplete contracting perspective to real world financial contract renegotiation.
主题Financial Economics ; Corporate Finance ; Other ; Law and Economics ; Industrial Organization ; Industry Studies
URLhttps://www.nber.org/papers/w14059
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/571734
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Efraim Benmelech,Nittai K. Bergman. Liquidation Values and the Credibility of Financial Contract Renegotiation: Evidence from U.S. Airlines. 2008.
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